<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/W2O6CWZWAJNK5N5WDZVQRZKNTI-820x547.jpg" alt="" class="wp-image-415792" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/W2O6CWZWAJNK5N5WDZVQRZKNTI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/W2O6CWZWAJNK5N5WDZVQRZKNTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/W2O6CWZWAJNK5N5WDZVQRZKNTI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/W2O6CWZWAJNK5N5WDZVQRZKNTI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/W2O6CWZWAJNK5N5WDZVQRZKNTI.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Coronavirus disease (COVID-19) treatment pill Paxlovid is seen in boxes, at Misericordia hospital in Grosseto, Italy, February 8, 2022. REUTERS/Jennifer Lorenzini</figcaption></figure>



JOHANNESBURG, March 10 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s top public health agency has agreed a memorandum of understanding with Pfizer&nbsp;PFE.N&nbsp;to&nbsp;bring supplies&nbsp;of the pharmaceutical firm&#8217;s Paxlovid antiviral COVID-19 pills&nbsp;to the&nbsp;continent, its director said on Thursday.



Data from a mid-to-late stage study in November showed Paxlovid was nearly 90% effective in preventing hospitalisations and deaths compared to placebo, in adults at high risk of severe illness.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2SZ0UA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



John Nkengasong, head of the Africa Centres for Disease Control and Prevention (CDC),&nbsp;also said&nbsp;it was&nbsp;still talking to Merck&nbsp;MRK.N&nbsp;about obtaining supplies of its molnupiravir COVID pill and a call was scheduled for&nbsp;this week about that.



&#8220;For the Pfizer situation, we have the MOU. The memorandum of understanding is with the legal office at the AU (African Union),&#8221; said Nkengasong. The Africa CDC is&nbsp;an AU agency.



&#8220;Once that is cleared we will formally make an announcement with Pfizer and provide details,&#8221; he told an online media briefing.



A World Health Organization panel last week backed the use of molnupiravir for high-risk patients such as the immunocompromised, the unvaccinated, older people and those with chronic diseases.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2V444L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Merck&#8217;s pill has been in lower demand than the Pfizer medication because of comparatively low efficacy and potential safety issues for certain groups. <a href="https://www.reutersconnect.com/all?search=all%3AL1N2U81SK&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-dozens-of-firms-to-make-cheap-version-of-merck-covid-pill-for-poorer-nations">Read more: <a href="https://www.cnbcafrica.com/2022/africa-cdc-says-it-will-talk-to-merck-about-covid-pill-pfizer-talks-advanced/">Dozens of firms to make cheap version of Merck COVID pill for poorer nations</a></h3>



South Africa&#8217;s government has said it was not planning to buy Merck&#8217;s pill for cost reasons, despite the drug gaining approval from the country&#8217;s health regulator.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2US5AH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Nkengasong said African countries should be using a combination of public health measures, vaccines, testing and the Pfizer and Merck treatments in their efforts to overcome the COVID-19 pandemic this year.



&#8220;These molecules have a very unique role to play in a campaign to fight against this terrible pandemic,&#8221; he said.



Nkengasong expressed a concern about countries where vaccination rates were still very low, which include most African countries, saying people should not be complacent as the virus still posed a grave risk.



&#8220;Of course the war going on in Ukraine has taken a lot of attention away from COVID, which is unfortunate because COVID has now killed close to 6 million people,&#8221; he said.



&#8220;If the deaths of 6 million people doesn&#8217;t shake us, then I don&#8217;t know what can shake us in our humanity.&#8221;



(Reporting by James Macharia Chege; Writing by Estelle Shirbon)

W2O6CWZWAJNK5N5WDZVQRZKNTI

Africa CDC has MOU with Pfizer for supplies of COVID-19 pill

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/GMDI47JB5VI3JGQGXZUZPHUHSM-820x547.jpg" alt="" class="wp-image-415788" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/GMDI47JB5VI3JGQGXZUZPHUHSM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/GMDI47JB5VI3JGQGXZUZPHUHSM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/GMDI47JB5VI3JGQGXZUZPHUHSM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/GMDI47JB5VI3JGQGXZUZPHUHSM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/GMDI47JB5VI3JGQGXZUZPHUHSM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/GMDI47JB5VI3JGQGXZUZPHUHSM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: A man stands on a boat as coal barges queue to be pulled along Mahakam river in Samarinda, East Kalimantan province, Indonesia, August 31, 2019. REUTERS/Willy Kurniawan</figcaption></figure>



LAUNCESTON, Australia, March 10 (Reuters)&nbsp;&#8211;&nbsp;The skyrocketing price of crude oil and natural gas in Europe in the wake of Russia&#8217;s invasion of Ukraine is grabbing the bulk of headlines, but their gains look modest compared to those of thermal coal.



While coal may be exiting the electricity sector in Europe and North America, it remains the most vital source of power generation for much of Asia.



Seaborne thermal coal prices have soared to record highs in recent sessions, with the market spooked by the potential loss of Russian cargoes, flood-related supply disruptions in Australia and the threat of another Indonesian export ban.



Futures linked to the Australian benchmark Newcastle index&nbsp;NCFMc1&nbsp;ended at $415 a tonne on Wednesday, down from the recent record high of $440 on March 2.



The contract has spiked 145% since the end of last year, with much of the gain coming since the Russian invasion of Ukraine on Feb. 24, with the price closing at $237.70 a tonne the day prior.



To put coal&#8217;s gain into perspective, benchmark Brent crude futures LCOc1 closed at $112.51 a barrel on Wednesday, up 45% from the end of last year, while Dutch natural gas TRNLTTFMc1 ended at 148 euros per megawatt hour, a gain of 115% from the last trading day in 2021.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/oil-markets-hit-multiple-milestones-after-russia-sanctions/">Oil markets hit multiple milestones after Russia sanctions</a></h3>



And it&#8217;s not just paper coal markets that are on fire, the gains have been matched by some physical trades as well, with globalCOAL reporting the sale of Newcastle coal for April at a premium of $38 a tonne to the index, and for June at a premium of $48.



South African coal, which can arbitrage between European and Asian destinations, saw a March cargo trade at a premium of $30 a tonne to the index price at the country&#8217;s Richards Bay port, according to globalCOAL.



While these prices look unsustainably high, it&#8217;s worth noting that relatively small volumes are transacted on a spot basis in the coal market.



Far more common are short- and medium-term contracts, with utilities in major seaborne buyers such as Japan and South Korea preferring to negotiate prices with miners well ahead of delivery times.



However, the surging price of spot coal will eventually be reflected in these types of contracts as well, leading to significant inflation in energy costs for countries that rely on imported fuel.



While cargoes currently being loaded and sailing will have been bought at prices well below the present level, it&#8217;s likely that from April onwards the market will have to bear the full extent of spike caused by the Ukraine crisis.



<h2 class="wp-block-heading" id="h-demand-drop-coming">DEMAND DROP COMING?</h2>



As yet, there is little sign of major demand destruction, although price sensitive buyers such as India, the world&#8217;s second-biggest coal importer, are starting to see import volumes decline.



India brought in 7.33 million tonnes of thermal coal, used for power generation, in February, up slightly from 7.08 million in January, which was the weakest month since June 2020, according to data and analytics company Kpler.



India&#8217;s thermal coal imports are more usually in a range between 10 and 15 million tonnes a month, with Indonesia, South Africa and Australia the biggest suppliers.



China&#8217;s imports of thermal coal also weakened in the first two months of 2022, with Kpler showing volumes of 10.38 million tonnes in February and 10.11 million in January, down from 19.35 million in December.



Indonesia&#8217;s short-lived export ban in January would explain much of the decline in China&#8217;s imports, but Beijing has also been working hard to get domestic miners to ramp up production in order to secure energy supplies.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/oil-prices-surge-as-russia-ukraine-crisis-escalates/">Oil prices surge as Russia-Ukraine crisis escalates</a></h3>



The question for Asia&#8217;s seaborne coal market is how quickly the current unprecedented prices will translate into demand destruction.



It&#8217;s very likely that buyers such as India, Bangladesh and Pakistan will avoid buying coal as their utilities will be massively loss-making if they paid the current price, or even half of what is right now.



Utilities in Japan and South Korea have less choice, given that the alternative of liquefied natural gas (LNG) is even more expensive on a spot basis, and the surge in crude prices will filter through to oil-linked contracts in coming months as well.



GRAPHIC-Prices of seaborne thermal coal:&nbsp;<a href="https://tmsnrt.rs/3tKJOqj" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/3tKJOqj</a>



The opinions expressed here are those of the author, a columnist for Reuters.



(Editing by Kim Coghill)

FILE PHOTO: Man stands on a boat as coal barges queue to be pull along Mahakam river in Samarinda

Coal’s rally thumps oil and gas, brings pain to Asian buyers: Russell

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/LBJHNU2QZJOVBGLYKPOOZTCJIM-820x570.jpg" alt="" class="wp-image-415784" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/LBJHNU2QZJOVBGLYKPOOZTCJIM-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/LBJHNU2QZJOVBGLYKPOOZTCJIM-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/LBJHNU2QZJOVBGLYKPOOZTCJIM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/LBJHNU2QZJOVBGLYKPOOZTCJIM-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/LBJHNU2QZJOVBGLYKPOOZTCJIM-1536x1068.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/LBJHNU2QZJOVBGLYKPOOZTCJIM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Russian Foreign Minister Sergei Lavrov attends a news conference following talks with his Kyrgyz counterpart Ruslan Kazakbayev in Moscow, Russia March 5, 2022. Sergei Ilnitsky/Pool via REUTERS</figcaption></figure>



ANTALYA, Turkey, March 10 (Reuters)&nbsp;&#8211;&nbsp;Foreign ministers from Russia and Ukraine will meet in Turkey on Thursday in the first high-level talks between the two countries since Moscow invaded its neighbour, with Ankara hoping they could mark a turning point in the raging conflict.



Ukrainian Foreign Minister Dmytro Kuleba has tempered expectations for a ceasefire agreement or other results from the meeting with Russian counterpart Sergei Lavrov, on the sidelines of a diplomacy forum in Turkey&#8217;s southern province of Antalya.



Russia&#8217;s invasion has uprooted more than 2 million people in what the United Nations calls the fastest humanitarian crisis in Europe since World War Two.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VC07Z&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



NATO member Turkey had repeatedly offered to mediate between the sides and will host their top two diplomats after weeks of mediation attempts by world powers.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VA2SZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Kuleba urged Lavrov to approach the talks &#8220;in good faith, not from a propagandistic perspective.&#8221;&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AC6N2V501P&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;I will say frankly that my expectations of the talks are low,&#8221; Kuleba said in a video statement on Wednesday. &#8220;We are interested in a ceasefire, liberating our territories and the third point is to resolve all humanitarian issues.&#8221;



Moscow has said it is ready for talks with Ukraine, but that all of its demands &#8211; including that Kyiv takes a neutral position and drops aspirations of joining the NATO alliance &#8211; must be met to end its assault.



Delegations from the two countries have held three rounds of talks previously, two in Belarus and one in Ukraine. Despite some positive signs on humanitarian arrangements, those negotiations have had little impact.



Moscow calls its incursion a &#8220;special military operation&#8221; to disarm Ukraine and dislodge leaders it calls &#8220;neo-Nazis.&#8221; Kyiv and its Western allies dismiss that as baseless pretext for an unprovoked war against a democratic country of 44 million people.



<h2 class="wp-block-heading" id="h-turkey-s-balance">TURKEY&#8217;S BALANCE</h2>



Bringing Lavrov and Kuleba together marks &#8220;a step forward&#8221; and could escalate diplomacy at higher levels in Moscow, said Mustafa Aydin, professor at Kadir Has University in Istanbul.



&#8220;Russia is not yet close to entertaining peace, though it is slowly changing its stance,&#8221; he said. &#8220;Its initially uncompromising posture is slowly giving way to a negotiation stance though not yet enough for a concrete outcome.&#8221;



Turkey shares a maritime border with Russia and Ukraine in the Black Sea and has good ties with both. Ankara has called Russia&#8217;s invasion unacceptable and appealed for an urgent ceasefire, but has opposed sanctions on Moscow.



While forging close ties with Russia on energy, defence, and trade, and relying heavily on Russian tourists, Turkey has also sold drones to Ukraine, angering Moscow. It also opposes Russian policies in Syria and Libya, as well as its 2014 annexation of Crimea.



Turkish Foreign Minister Mevlut Cavusoglu said both Lavrov and Kuleba had requested that he attend the talks on Thursday, adding he wished the meeting could be a &#8220;turning point&#8221;.



At the weekend, Turkey and Israel ramped up their push for mediation. Turkish President Tayyip Erdogan urged Russian President Vladimir Putin to declare a ceasefire in a call on Sunday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2V90AV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Israeli Prime Minister Naftali Bennett held talks with Putin in Moscow at the weekend, and later spoke to Ukrainian President Volodymyr Zelenskiy.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2V907K&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Additional reporting by Can Sezer and Birsen Altayli in Istanbul; Editing by Jonathan Spicer and Cynthia Osterman)

Russia’s Foreign Minister Lavrov and Kyrgyzstan’s Foreign Minister Kazakbayev meet in Moscow

Top Russian, Ukrainian diplomats meet for first time since invasion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-820x534.jpg" alt="" class="wp-image-415582" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-1536x1001.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Oil barrels are pictured at the site of Canadian group Vermilion Energy in Parentis-en-Born, France, October 13, 2017. REUTERS/Regis Duvignau</figcaption></figure>



HOUSTON, March 9 (Reuters)&nbsp;&#8211;&nbsp;Developing countries should not have to target renewable energy sources and turn away from fossil fuels, Nigerian energy officials said on Tuesday, joining other emerging oil-producing nations reluctant to embrace the global energy transition trend.



Some 900 million people in the world, most of them in Africa, still have no access to energy for basic needs, Nigeria&#8217;s oil Minister Timipre Marlin Sylva said on Tuesday, speaking during the CERAWeek energy conference in Houston.



&#8220;We are still in transition from firewood to gas,&#8221; Sylva said. &#8220;Please allow us to continue with our own transition.&#8221;



Other countries with oil discoveries still in development, including Ghana, Guyana and Suriname, also have said they cannot be expected to give up the chance to benefit from oil and gas that helped build more developed economies.



&#8220;They want all of us, including those of us without food, to carry the burden of transition,&#8221; Nigerian National Petroleum Corporation (NNPC) general manager Bala Wunti said, speaking at CERAWeek.



Nigeria is now facing a double blow from high prices of gas for cooking that it imports and lack of investment in its oil industry, minister Sylva said, amid a global push by banks and funds to restrict investment in oil as part of a drive to boost environmental, social and corporate governance (ESG).



<h3 class="wp-block-heading" id="h-read-more-britain-to-raise-nigerian-renewable-climate-change-investments">Read more: <a href="https://www.cnbcafrica.com/2022/britain-to-raise-nigerian-renewable-climate-change-investments/">Britain to raise Nigerian renewable, climate change investments</a></h3>



Nigeria in the past years was forced to cut oil production from 1.8 million barrels per day (bpd) to less than 1.5 million bpd due to lack of financing to maintain its facilities, Sylva said.



The lost production could have helped contribute to global supply as the world now looks for alternatives to Russian oil after buyers halted purchases over its invasion of Ukraine, he said. Russia calls its actions in Ukraine a &#8220;special operation&#8221;.



Investors backing renewable fuels have cut financing for oil projects, reducing production of oil, gas and coal at a faster rate than renewable sources of energy could replace them, pushing prices up, he said.



&#8220;It was expected we were going to arrive at this point where we have an energy crisis,&#8221; Sylva said. &#8220;There is a gap.&#8221;



(Reporting by Sabrina Valle; Editing by Kenneth Maxwell)

Oil barrels are pictured at the site of Canadian group Vermilion Energy in Parentis-en-Born

‘Energy transition? Leave us out,’ says Nigeria oil minister

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/YI5OM746ZBM6FI3QWRL6KAQRRI-820x523.jpg" alt="" class="wp-image-415757" width="828" height="528" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/YI5OM746ZBM6FI3QWRL6KAQRRI-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/YI5OM746ZBM6FI3QWRL6KAQRRI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/YI5OM746ZBM6FI3QWRL6KAQRRI-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/YI5OM746ZBM6FI3QWRL6KAQRRI-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/YI5OM746ZBM6FI3QWRL6KAQRRI.jpg 1200w" sizes="(max-width: 828px) 100vw, 828px" /><figcaption>Service members of pro-Russian troops in uniforms without insignia drive tanks during Ukraine-Russia conflict on the outskirts of the separatist-controlled city of Donetsk, Ukraine March 5, 2022. REUTERS/Alexander Ermochenko</figcaption></figure>



March 9 (Reuters)&nbsp;&#8211;&nbsp;Russia said it will provide humanitarian corridors on Wednesday for people fleeing Kyiv and four other Ukrainian cities, as the number of refugees created by the biggest assault on a European country since World War Two surpassed 2 million.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2VC08I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Ukraine must hold off Russia&#8217;s attack for the next seven to 10 days to deny Moscow claiming any sort of victory, a senior Ukrainian official said.



<h2 class="wp-block-heading" id="h-corridors">CORRIDORS</h2>



* Russian forces would &#8220;observe a regime of silence&#8221; from 10 a.m. Moscow time (0700 GMT) to ensure safe passage for civilians wishing to leave Kyiv, Chernihiv, Sumy, Kharkiv and Mariupol, the head of Russia&#8217;s National Defence Control Centre, Mikhail Mizintsev, was quoted as saying by the Tass news agency.



It was unclear if the proposed routes would pass through Russia or Belarus, conditions previously opposed by the Ukrainian government.



<h2 class="wp-block-heading">DIPLOMATIC EFFORTS</h2>



* Russian Foreign Minister Sergei Lavrov will travel to Turkey on Wednesday for talks with his Ukrainian counterpart Dmytro Kuleba, Tass cited the Russian foreign ministry as saying.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N2U002M&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading">SANCTIONS</h2>



* Britain unveiled new aviation sanctions on Wednesday giving it the power to detain any Russian aircraft and banning exports of aviation or space-related goods to Russia.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VC0DV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>*A U.S. ban on imports of Russia&#8217;s oil sparked a further increase in oil prices. Prices have surged more than 30% since Russia invaded its neighbour on Feb. 24.&nbsp;O/R<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VC08C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



* Russia is reducing the use of U.S. dollars in its reserves and external settlements after the West slapped sanctions on Russia, the RIA news agency quoted the foreign ministry&#8217;s director of economic cooperation as saying.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N2UP09C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading">FIGHTING</h2>



* Ukrainian troops repulsed efforts by Russian forces to enter the eastern city of Kharkiv, regional governor Oleh Synehubov said.



* Russian forces have repeatedly tried to seize the southern regional capital of Mykolayiv in attacks that have been repulsed by Ukrainian troops, a Ukrainian presidential adviser said.* Britain said Ukraine&#8217;s air defences were having success against Russian jets, likely preventing Russia from controlling the airspace.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N2UL0IK&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading">DEATH TOLL</h2>



* The United Nations human rights office said it had verified 1,335 civilian casualties so far in Ukraine, including 474 killed and 861 injured, but the true toll was likely to be higher.



* Ukraine says its forces have killed more than 11,000 Russian troops. Russia has confirmed about 500 losses. Neither side has disclosed Ukrainian casualties.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VB04T&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading">NATO AIRCRAFT</h2>



* The United States rejected a surprise offer by NATO ally Poland on Tuesday to transfer its Russian-made MiG-29 fighter jets to a U.S. base in Germany as a way to replenish Ukraine&#8217;s air force in its defence against invading Russian forces.



<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VB2Q2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading">AID</h2>



* The International Monetary Fund&#8217;s executive board is poised to approve $1.4 billion in emergency funding for Ukraine on Wednesday to help it respond to Russia&#8217;s invasion, IMF Managing Director Kristalina Georgieva said on Tuesday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VC06Q&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading">ECONOMIC IMPACT</h2>



* McDonald&#8217;s Corp&nbsp;MCD.N, Starbucks and L&#8217;Oreal are temporarily closing all outlets in Russia. Coca-Cola and Pepsi suspended soda sales in the country.



* Unilever&nbsp;ULVR.L&nbsp;became the first major European food company to stop imports and exports out of Russia.



* The London Metal Exchange halted trade in nickel after prices of the metal, a key component in electric vehicle batteries, doubled to more than $100,000 a tonne.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2VB0PJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Compiled by Tomasz Janowski, Gareth Jones, Cynthia Osterman, Michael Perry and Raju Gopalakrishnan)

YI5OM746ZBM6FI3QWRL6KAQRRI

Ukraine and Russia: What you need to know right now

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="565" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-35.jpg" alt="" class="wp-image-415753" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-35.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-35-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-35-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-35-768x542.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>Customers look on outside Nedbank, after the bank closed due to load shedding, at the Mall of the South in Johannesburg, South Africa, March 17, 2019. REUTERS/Siphiwe Sibeko/Files</figcaption></figure>



JOHANNESBURG, March 9 (Reuters)&nbsp;&#8211;&nbsp;Shares in South Africa&#8217;s Nedbank&nbsp;NEDJ.J&nbsp;rose 3.3% on Wednesday after saying it would meet a 2023 profit target a year ahead of schedule and reporting a 114% rise in 2021 earnings.



Like all large lenders in the country, Nedbank is enjoying a rebound after hefty provisions for bad debts sparked by COVID-19 left a huge dent in profits, although it said these were still 7% below 2019 levels.



&#8220;The operating environment in 2021 was more supportive for Nedbank and our clients,&#8221; it said in its results statement, adding that the economy had performed better than expected at the start of the year in particular.



<h3 class="wp-block-heading" id="h-read-more-africa-s-mtn-resumes-dividend-after-bumper-annual-profit">Read more: <a href="https://www.cnbcafrica.com/2022/africas-mtn-resumes-dividend-after-bumper-annual-profit/">Africa’s MTN resumes dividend after bumper annual profit</a></h3>



It now expected to meet its 2023 target for headline earnings per share (HEPS) &#8211; the main profit measure in South Africa &#8211; a year ahead of schedule, while it was on track to meet other 2023 targets aimed at returning to 2019 performance levels.



Its HEPS in the year to Dec. 31 stood at 2,410 cents, up from 1,126 cents a year earlier, and towards the upper end of its forecast range.



The main driver of the rise was a 50% drop in impairment charges for bad debts to 6.5 billion rand ($426 million).



Nedbank also declared a dividend of 1,191 cents.



($1 = 15.2520 rand)



(Reporting by Emma Rumney; Editing by Rashmi Aich and Edmund Blair)

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South Africa’s Nedbank expects to meet 2023 profit target ahead of schedule

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/800px-MTN_Mobile_south_africa_shop.jpg" alt="" class="wp-image-413512" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/800px-MTN_Mobile_south_africa_shop.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/800px-MTN_Mobile_south_africa_shop-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/800px-MTN_Mobile_south_africa_shop-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/800px-MTN_Mobile_south_africa_shop-768x507.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>Photo: via Wikimedia Commons
Ken Banks, kiwanja.net</figcaption></figure>



JOHANNESBURG, March 9 (Reuters) &#8211; Africa&#8217;s largest mobile operator by subscribers, MTN Group MTNJ.J, resumed annual dividends on Wednesday, declaring a higher payout than previous guidance as a divestment plan made progress and the firm reported higher profit.



Last year March MTN suspended dividends to focus on reducing debt and because of uncertainty around cash upstreaming from Nigeria, the timing of proceeds from its asset realisation programme and the impact of COVID-19.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2L81EU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



It said at the time it would announce a revised medium-term dividend policy in March 2022 and anticipated paying a total ordinary dividend of at least 260 cents per share for fiscal 2021.



&#8220;The board has looked at the cash balances, solvency and liquidity as well as the investment profile that we have in the year ahead and has declared a dividend of 300 cents per share, so 40 cents higher than our minimum,&#8221; said Group Chief Executive Ralph Mupita.



<h3 class="wp-block-heading" id="h-read-more-mtn-uganda-announces-share-price-for-biggest-ugandan-ipo">Read more: <a href="https://www.cnbcafrica.com/2021/mtn-uganda-announces-share-price-for-biggest-ugandan-ipo/">MTN Uganda announces share price for biggest Ugandan IPO</a></h3>



It also announced a new dividend policy, to guide the market annually on a dividend amount, subject to its capital allocation priorities and market conditions, Mupita added.



With its new policy, MTN anticipates paying a minimum ordinary final dividend of 330 cents for financial year 2022.



MTN, with 273 million customers in 19 countries across Africa and the Middle East, said headline earnings per share (HEPS), the main profit measure in its home market of South Africa, rose by 31.8% to 987 cents, up from 749 cents a year earlier.



(Reporting by Nqobile Dludla; Editing by Clarence Fernandez)

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Africa’s MTN resumes dividend after bumper annual profit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg" alt="" class="wp-image-412999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under &#8220;extreme&#8221; pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country&#8217;s sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA (Photo by Gianluigi GUERCIA / AFP) (Photo by GIANLUIGI GUERCIA/AFP via Getty Images)</figcaption></figure>



JOHANNESBURG, March 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Eskom aims to make cuts of 4,000 MegaWatts (MW) from the national grid, up from an earlier figure of up to 2,000 MW of rotational power cuts, after suffering more breakdowns at generation units, the utility said on Wednesday.



The deeper cuts will start from 9 a.m. (0700 GMT) on Wednesday until 5 a.m. on Friday, Eskom said in a statement, after which it return to cuts of 2,000 MW until 5 a.m. on Monday.



The utility&#8217;s power outages have constrained economic growth in Africa&#8217;s most industrialised nation in recent years. The latest cuts started on Monday.



Eskom has previously said the controlled cuts are necessary to prevent a &#8220;catastrophic&#8221; collapse of the power grid.



More than 15,000 MW of its nominal capacity of roughly 46,000 MW was offline because of breakdowns and a further 5,505 MW for planned maintenance, the utility said.



This is a developing story&#8230;



(Reporting by Olivia Kumwenda-Mtambo; Editing by Clarence Fernandez)

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South Africa’s Eskom to deepen power cuts on breakdown woes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/51903889570_ae4f646640_o-820x615.jpg" alt="" class="wp-image-415718" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/51903889570_ae4f646640_o-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/51903889570_ae4f646640_o-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/51903889570_ae4f646640_o-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/51903889570_ae4f646640_o-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/51903889570_ae4f646640_o-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/51903889570_ae4f646640_o-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Flickr</figcaption></figure>



March 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa will feel the impact of the Russia-Ukraine conflict on food prices but is also primed to benefit from it through maize exports, experts said on Tuesday.



Commodity prices, including wheat and corn, have surged since Russia began its invasion of Ukraine on Feb. 24. Russia and Ukraine account for about 29% and 19% of global wheat and maize exports, respectively.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VA0RR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



With Ukraine&#8217;s ports closed and much of Russian grain supply frozen by Western sanctions, there are fears tightening supplies will lead to shortages in importing countries.



South Africa, a net exporter of maize, another name for corn, imports about 40% of its wheat, but Agriculture Business Chamber Chief Economist Wandile Sihlobo said shortages were unlikely.



&#8220;In South Africa, the near-term impact of this war is through price transmission and not the limitation on the commodities&#8217; availability,&#8221; Sihlobo said in a weekly note.



<h3 class="wp-block-heading" id="h-read-more-coffee-prices-are-at-10-year-highs-and-analysts-say-they-have-much-further-to-go">Read more: <a href="https://www.cnbcafrica.com/2021/coffee-prices-are-at-10-year-highs-and-analysts-say-they-have-much-further-to-go/">Coffee prices are at 10-year highs, and analysts say they have much further to go</a></h3>



Last year, the country harvested 16.315 million tonnes of maize, its second-biggest crop on record. Official data released last week forecasts an 11% decline in output this year, but the projected 14.528 million tonnes is still in excess of domestic consumption.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2V31TG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



For wheat, data from Grain SA shows South Africa had imported 40% of its import requirements by Feb. 25 and none of it came from Russia or Ukraine.



South Africa imported wheat from Lithuania, Argentina, Poland, Australia, Latvia and the United States.



&#8220;The conflict has an impact on the international wheat prices which ultimately reflect in the SA wheat prices as well,&#8221; Grain SA economist Luan van der Walt told Reuters in an emailed response.



He said South Africa could benefit from maize exports if supplies from Ukraine remain curtailed.



&#8220;In many cases, SA has to compete with especially Ukraine in terms of maize exports. Therefore, it could present even more maize export opportunities for SA,&#8221; van der Walt said.



(Reporting by Nelson Banya; Editing by Christian Schmollinger)

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South Africa sees food inflation, opportunity from Russia-Ukraine war

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="501" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ZK7SN4K6RLSRNFVYCI7BAVQBU-820x501.jpg" alt="" class="wp-image-415705" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ZK7SN4K6RLSRNFVYCI7BAVQBU-820x501.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ZK7SN4K6RLSRNFVYCI7BAVQBU-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ZK7SN4K6RLSRNFVYCI7BAVQBU-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ZK7SN4K6RLSRNFVYCI7BAVQBU-768x469.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ZK7SN4K6RLSRNFVYCI7BAVQBU-1536x938.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ZK7SN4K6RLSRNFVYCI7BAVQBU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: A vial and sryinge are seen in front of a displayed Moderna logo in this illustration taken January 11, 2021. REUTERS/Dado Ruvic</figcaption></figure>



March 7 (Reuters)&nbsp;&#8211;&nbsp;Moderna Inc&nbsp;MRNA.O&nbsp;said on Monday it plans to develop and begin testing vaccines targeting 15 of the world&#8217;s most worrisome pathogens by 2025 and will permanently wave its COVID-19 vaccine patents for shots intended for certain low- and middle-income countries.



The U.S. biotechnology company also said it will make its messenger RNA (mRNA) technology available to researchers working on new vaccines for emerging and neglected diseases through a program called mRNA Access.



Moderna announced its strategy ahead of the Global Pandemic Preparedness Summit sponsored by the UK government and the Coalition for Epidemic Preparedness Innovations (CEPI), an international coalition set up five years ago to prepare for future disease threats.



Moderna is already collaborating with partners on vaccines against some of the 15 pathogens, which include Chikungunya, Crimean-Congo hemorrhagic fever, Dengue, Ebola, Malaria, Marburg, Lassa fever, MERS and COVID-19.



Those collaborations include a Nipah virus vaccine with the U.S. National Institutes of Health and an HIV vaccine with the Gates Foundation and the International AIDS Vaccine Initiative, Moderna President Stephen Hoge said in an interview.



The company will either seek out new partners for the others or develop them internally, he said.



Moderna Chief Executive Stephane Bancel told a virtual press briefing on Monday that the 15 viruses are known threats that have not been addressed by many large drugmakers. The COVID-19 pandemic, which has killed six million people worldwide and sickened millions more, has made clear that needs to change, Bancel said.



&#8220;Too many lives were lost in the last few years,” he said.



Early in the COVID pandemic, Moderna pledged not to enforce its vaccine patents during the emergency phase of the health crisis.



<h3 class="wp-block-heading" id="h-read-more-moderna-patent-application-raises-fears-for-africa-covid-vaccine-hub">Read more: <a href="https://www.cnbcafrica.com/2022/moderna-patent-application-raises-fears-for-africa-covid-vaccine-hub/">Moderna patent application raises fears for Africa COVID vaccine hub</a></h3>



That has allowed for development of a vaccine manufacturing plant in Africa backed by the World Health Organization as part of a pilot project to give poor and middle-income countries the know-how to make COVID-19 vaccines.



Moderna said it will make that pledge permanent for the 92 low- and middle income countries that qualify for assistance under the COVAX Advance Market Commitment (AMC) led by the GAVI vaccine alliance.



A company spokesperson said Moderna will not enforce patents for COVID-19 vaccines developed in South Africa by WHO-backed Afrigen Biologics for AMC-92 low- and middle-income countries.



Although it will not enforce its patents in these countries, Hoge said Moderna does not intend to share its vaccine technology with the WHO-backed technology transfer hub in South Africa, in spite of lobbying efforts by the organization.<a href="https://www.reutersconnect.com/all?search=all%3AL8N2QB264&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Earlier on Monday, the company said it will set up a manufacturing facility in Kenya, its first in Africa, to produce mRNA vaccines, including against COVID-19.<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VA1IU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



As part of its future pandemic plan, Moderna intends to make its technology available to academic research labs to test their own theories for vaccines to address emerging and neglected diseases. Hoge said some of these may eventually result in partnerships with Moderna to address the 15 priority pathogens.



&#8220;What we want to make sure happens is that scientists who have great ideas for how they could make vaccines will be able to access our standards and technology, almost as if they worked at Moderna,&#8221; Hoge said.



Initially, the program will start with a few academic labs, but Hoge expects it to expand rapidly. He sees the program as a way to expand discovery of vaccines using mRNA technology.



&#8220;We want to make sure that we allow others to explore the space that frankly, we can&#8217;t get to,&#8221; he said. &#8220;And that&#8217;s really what this is about.&#8221;



(Reporting by Julie Steenhuysen in Chicago and Michael Erman in New Jersey; additional reporting by Jennifer Rigby in London; Editing by Bill Berkrot)

FILE PHOTO: Vial and sryinge are seen in front of displayed Moderna logo

Moderna plots vaccines against 15 pathogens with future pandemic potential

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/6JKVKNMVGFPFFCCA4PZCKJET4E-820x429.jpg" alt="" class="wp-image-415689" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/6JKVKNMVGFPFFCCA4PZCKJET4E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/6JKVKNMVGFPFFCCA4PZCKJET4E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/6JKVKNMVGFPFFCCA4PZCKJET4E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/6JKVKNMVGFPFFCCA4PZCKJET4E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/6JKVKNMVGFPFFCCA4PZCKJET4E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/6JKVKNMVGFPFFCCA4PZCKJET4E.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Athletics &#8211; Great CityGames Manchester 2015 &#8211; Manchester &#8211; 10/5/15 South Africa&#8217;s Stephen Mokoka finishes second in the men&#8217;s Morrisons Great Manchester Run Action Images via Reuters / Andrew Boyers</figcaption></figure>



March 6 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Stephen Mokoka, who had never run a 50km race before, broke the world record on home soil in Gqeberha on Sunday.



Mokoka, 37, crossed the finish line in two hours, 40 minutes and 13 seconds, beating the record set by Ethiopian Ketema Bekele Negasa (2:42:07) at the same event last year.



&#8220;I&#8217;m tired,&#8221; Mokoka, a three-times Olympian, said. &#8220;It&#8217;s a long way and I don&#8217;t know how I&#8217;m going to feel later, but I enjoyed it.&#8221;



Ethiopia&#8217;s Amelework Fikadu Bosho dominated the women&#8217;s race to finish in a time of 3:04:58, nearly four minutes ahead of the rest but 34 seconds short of the world record.



(Reporting by Rohith Nair in Bengaluru, editing by Ed Osmond)

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South Africa’s Mokoka breaks world record in first 50km race

LAUNCESTON, Australia, March 7 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s lowering of its economic growth target for 2022 to 5.5% seems at first glance to be bearish for iron ore prices, but there are others factors at play likely to keep upward pressure on the steel raw material.



There is little doubt that China, the world&#8217;s second-biggest economy and biggest importer of commodities, is facing headwinds, both domestic and global.



It&#8217;s not surprising that Premier Li Keqiang lowered the growth target from 2021&#8217;s 6% (although the economy actually expanded 8.1%) in his report to the annual session of parliament.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2V803L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



China&#8217;s priority for 2022 is &#8220;economic stability,&#8221; Li said, and it&#8217;s those words that are likely quite bullish for iron ore.



Already China is cutting interest rates, local governments are starting to boost infrastructure spending, and tax cuts are expected &#8211; all positive demand drivers for steel.



China&#8217;s iron ore imports have had a steady start to the year, with Refinitiv estimating arrivals at 83.69 million tonnes in February and 86.14 million in January, roughly in line with the 88.4 million from December and the 89.29 million from November.



Iron ore imports have held up in the first two months of 2022 despite restrictions on steel output as the authorities in Beijing sought to limit pollution over winter and during the Winter Olympic Games in the city.



Now that these restrictions are ending and stimulus measures are starting to flow into China&#8217;s economy, it&#8217;s likely that steel demand will rise, thus lifting iron ore imports in coming months.



Overall, the domestic backdrop looks constructive for iron ore despite the lower economic growth target, given that the likely composition of China&#8217;s growth will be steel-intensive.



External factors may also be aligning for stronger steel production in China, given the ongoing, and worsening, crisis created by Russia&#8217;s invasion of Ukraine.



Both Russia and Ukraine are significant exporters of iron ore and steel products, a trade likely to disappear in coming months.



Ukraine will be unable to export because of the war, and Russia&#8217;s shipments will likely face difficulties as buyers self-sanction trade with Russia amid outrage at the violence being inflicted on Ukraine, as well as challenges arranging payment, transport and insurance for commodity purchases.



Ukraine exported 2.92 million tonnes of iron ore in January and 3.27 million in December, according to commodity consultants Kpler. Monthly shipments range from around 1.8 million tonnes to about 3.7 million in the past two years, the data show.



Russia&#8217;s exports of iron ore are smaller, typically no more than 500,000 tonnes a month, however, its shipments of steel tend to average slightly more than 1 million tonnes per month.



The loss of Ukrainian iron ore exports is relatively small, but will force buyers to look elsewhere, with European steel mills likely turning to Atlantic basin shippers such as Brazil, and South Africa, while Asian importers will try to source more from top exporter Australia, and perhaps second-tier producers such as Iran and India.



Ukraine&#8217;s exports to China were 1.3 million tonnes in January and 1.96 million in December, according to Kpler.



Losing that supply will tighten the market somewhat in China, which buys about 70% of global seaborne iron ore.



In other words, the absence of Ukrainian cargoes isn&#8217;t as big a deal for iron ore as is the loss of Russian crude for the oil market, but it does matter and is bullish for the price.



The loss of Russian steel exports, and the possibility that European steel producers will find it hard to maintain output amid high energy prices and the possibility of interrupted supplies, will serve to tighten the global steel market.



<h2 class="wp-block-heading" id="h-advantage-china">ADVANTAGE CHINA?</h2>



China is one of the few producers with the capacity to increase steel production, and if the authorities are willing to allow the increased pollution from the coal-intensive process, it&#8217;s possible that Chinese steel mills will want to boost production and lift exports.



With the positive backdrop for iron ore, the spot price for benchmark 62% ore delivered to north China&nbsp;MTIOQIN62=ARG, as assessed by commodity price reporting agency Argus, has climbed in recent weeks, ending at $151.40 a tonne on March 4.



This was up from the pre-Ukraine invasion low of $130.75 a tonne on Feb. 17, and just shy of the $153.55 peak, hit on both March 3 and Feb. 10, which was the highest close since August last year.



However, iron ore&#8217;s recent rally is modest compared to other commodities affected by the Ukraine crisis, such as crude oil, natural gas and wheat, and the steel ingredient remains well short of the record $235.55 a tonne from May last year.



While a rally back to those levels seems unlikely given the current state of supply and demand fundamentals, there does appear scope for further gains.



GRAPHIC-China iron ore imports vs spot price:&nbsp;<a href="https://tmsnrt.rs/3KlqaaZ" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/3KlqaaZ</a>



The opinions expressed here are those of the author, a columnist for Reuters.



(Editing by Michael Perry)

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Iron ore outlook is more bullish than lower China growth target suggests: Russell

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-820x484.jpg" alt="" class="wp-image-415655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-820x484.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-768x453.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-1536x906.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Russian Rouble and U.S. Dollar banknotes are seen in this illustration taken, February 24, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



BENGALURU/JOHANNESBURG, March 4 (Reuters)&nbsp;&#8211;&nbsp;Currencies are in for a bumpy ride with already heightened volatility expected to increase over the next three months in the wake of Russia&#8217;s invasion of Ukraine, according to a Reuters poll of analysts who forecast more pain for the battered rouble.



Volatility spiked on Wednesday to levels not seen since the start of the COVID-19 pandemic, according to Deutsche Bank&nbsp;.DBCVIX.



That trend is expected to continue in the near term, with over 90% of respondents to an additional question in the Feb. 28-March 3 poll of currency strategists expecting volatility to either increase or increase significantly in the coming three months.



&#8220;It will be a higher volatility period just because the issues under discussion haven&#8217;t been under discussion in a generation and in some places in a lifetime,&#8221; said Steve Englander, head of G10 FX strategy at Standard Chartered.



Since Russia invaded Ukraine on Feb. 24, money has been siphoned away from riskier assets into safer havens, including the dollar, the Japanese yen and the Swiss franc, as well as currencies linked to commodity markets.



While the yen and franc were expected to be in demand in the short term they were forecast to weaken marginally against the greenback over the 12-month horizon as neither currency carries an interest rate edge.



The U.S. Federal Reserve is set to begin raising rates at its meeting this month from near-zero, delivering at least 125 basis points of tightening by year-end, according to a separate Reuters poll.&nbsp;ECILT/USFEDWATCH



&#8220;The traditional safe havens&#8230;are doing OK but not brilliant when under tensions, and underperforming badly when tensions ease because, in a way, they have nothing to offer. They don&#8217;t have any rates,&#8221; said Englander.



<h2 class="wp-block-heading" id="h-invasion-s-wider-fx-implications-unclear">INVASION&#8217;S WIDER FX IMPLICATIONS UNCLEAR</h2>



Median forecasts of over 60 respondents showed little change in analysts&#8217; expectations compared with the February poll, suggesting many forecasters have not yet worked out the wider FX market implications of armed conflict in Europe.



&#8220;We have a very, very wide range of geopolitical outcomes here, which the market is not pricing for correctly,&#8221; said Michael Every, global strategist at Rabobank.



&#8220;The risks in play here in the background transcend anything to do with where the euro/dollar is trading.&#8221;



So far, analysts expect the euro&nbsp;EUR=, which hit a 21-month low on Wednesday, to recoup its 2.5% losses for the year and gain more than 1.0% over the next 12 months.



The yen&nbsp;JPY=&nbsp;and the franc&nbsp;CHF=&nbsp;are also forecast to trade slightly lower in a year, and commodity currencies to outshine them.



The Aussie dollar&nbsp;AUD=&nbsp;and Kiwi dollar&nbsp;NZD=&nbsp;are expected to gain over 2.3% and 6.0%, respectively, and the Canadian dollar&nbsp;CAD=&nbsp;over 2.5%.



The Russian rouble hit a record low on Thursday, shedding over a third of its value this year, as stinging Western sanctions pummeled Russia&#8217;s financial system.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V53SI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Asked how low the rouble would fall to this month, 11 strategists returned a median of 125/$. Forecasts ranged from 120-150/$.



Russia&#8217;s neighbour Turkey, where President Tayyip Erdogan has been urging the central bank to cut interest rates to fight inflation now running at 54%, has been battered by a currency crisis that saw the lira lose nearly half its value last year.



The lira&nbsp;TRY=&nbsp;was forecast to plunge another 20% in the next 12 months.



(For other stories from the March Reuters foreign exchange poll:&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2V60XT&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>)



(Reporting by Hari Kishan; Polling by Prerana Bhat, Shaloo Shrivastava and Vijayalakshmi Srinivasan; Editing by Ross Finley and John Stonestreet)

FILE PHOTO: Illustration shows Russian Rouble and U.S. Dollar banknotes

FX markets in for bumpy ride over next three months

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/SLFBZ27ML5K6BFS3ONHFCDPVDI-820x548.jpg" alt="" class="wp-image-415651" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/SLFBZ27ML5K6BFS3ONHFCDPVDI-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/SLFBZ27ML5K6BFS3ONHFCDPVDI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/SLFBZ27ML5K6BFS3ONHFCDPVDI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/SLFBZ27ML5K6BFS3ONHFCDPVDI-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/SLFBZ27ML5K6BFS3ONHFCDPVDI.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Reuters</figcaption></figure>



March 4 (Reuters)&nbsp;&#8211;&nbsp;Russian forces seized Europe&#8217;s biggest nuclear power plant in southeastern Ukraine after fierce fighting which set an adjacent training facility on fire, a local authority said.



* No sign of radiation leak



Essential equipment at the Zaporizhzhia nuclear power plant was unaffected after the fire, with no change in radiation levels, the International Atomic Energy Agency said.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N2U002J&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



* &#8216;Europeans, please wake up&#8217; &#8211; Zelenskiy



Ukrainian President Zelenskiy said Russian tanks had shot at the reactor plants, though there was no evidence cited that they had been hit. &#8220;Europeans, please wake up. Tell your politicians – Russian troops are shooting at a nuclear power plant in Ukraine,&#8221; he said in a video message.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2V700O&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



*Stop fighting around nuclear plant &#8211; Biden



U.S. President Biden and British Prime Minister Johnson spoke separately with Zelenskiy about the fire. The White House said Biden urged Russia to &#8220;cease its military activities in the area and allow firefighters and emergency responders to access the site.&#8221;



*One million refugees



More than 1 million refugees have fled Ukraine in just seven days, the United Nations said.



*‘According to plan,’ Putin says &#8220;I want to say that the special military operation is proceeding strictly in line with the timetable. According to plan. All the tasks that have been set are being successfully resolved,&#8221; he said on television.



* Fake news?



Russia&#8217;s communications watchdog restricted access to BBC Russian service as well as Radio Liberty and the Meduza media outlet, the RIA news agency reported.



*Google pulls ads in Russia



Google said it had stopped selling online advertising in Russia, a ban that covers search, YouTube and outside publishing partners. Sneaker maker Nike and home furnishings firm IKEA shut down stores in Russia.



*France&#8217;s Macron tells Putin: ‘You are lying to yourself’ &#8211; French official In a phone call to French President Macron, Putin reiterated that he was seeking the &#8220;de-nazification of Ukraine&#8221;. According to a French presidential adviser, Macron replied: &#8220;You are lying to yourself.&#8221;



*MARKETS: Stocks slide, oil jumps



Asian equities and the euro weakened while oil prices jumped as investors took fright over reports of the fire at the nuclear plant.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2V704L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Editing by Stephen Coates)

SLFBZ27ML5K6BFS3ONHFCDPVDI

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="790" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/595e0a39dda4c800228b4567.jpg" alt="" class="wp-image-415646" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/595e0a39dda4c800228b4567.jpg 790w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/595e0a39dda4c800228b4567-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/595e0a39dda4c800228b4567-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/595e0a39dda4c800228b4567-768x432.jpg 768w" sizes="(max-width: 790px) 100vw, 790px" /><figcaption>New Development Bank &#8211; Photo via Wikipedia</figcaption></figure>



SHANGHAI, March 4 (Reuters)&nbsp;&#8211;&nbsp;The New Development Bank (NDB) established by the BRICS group of emerging nations said it has put new transactions in Russia on hold.



&#8220;In light of unfolding uncertainties and restrictions, NDB has put new transactions in Russia on hold. NDB will continue to conduct business in full conformity with the highest compliance standards as an international institution,&#8221; it said in a statement posted on its website.



Brazil, Russia, India, China and South Africa &#8211; known together as BRICS &#8211; are members of the New Development Bank.



This is a developing story&#8230;



(Reporting by Winni Zhou and Andrew Galbraith; Editing by Christopher Cushing)

595e0a39dda4c800228b4567

New Development Bank says it has put new transactions in Russia on hold

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-820x534.jpg" alt="" class="wp-image-415582" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-1536x1001.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/A6YUY4GBTFPE7JJPCI35EWOMPU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Oil barrels are pictured at the site of Canadian group Vermilion Energy in Parentis-en-Born, France, October 13, 2017. REUTERS/Regis Duvignau</figcaption></figure>



SINGAPORE, March 2 (Reuters)&nbsp;&#8211;&nbsp;Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.



The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several nations including the United States sanctioned multiple Russian entities following Russia&#8217;s invasion of Ukraine, though Washington has explicitly exempted energy products from the Russian measures.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V42EN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Brent crude&nbsp;LCOc1&nbsp;topped $112 a barrel on Wednesday, the highest since 2014, shrugging off news that several developed countries plan to release a record 60 million barrels of strategic petroleum reserves to cool prices.&nbsp;O/R<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V40TV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The price spread for Brent crude delivered between now and in 12 months&nbsp;LCOc1-LCOc12&nbsp;is at $21.54 a barrel, the steepest on record, while Brent&#8217;s premium to Dubai &#8211; the price spread between sweet and sour grades &#8211; hit an all-time high of $12.93 a barrel on Wednesday, a trader said.&nbsp;DUB-EFS-1M



That has driven demand for Middle East crude, with benchmark prices jumping to all-time highs at the start of March, up more than 50% from last month.&nbsp;CRU/M



The wide spread between the benchmarks along with surging freight rates for oil tankers globally has also made it more expensive for Asian buyers to purchase oil from Europe, Africa and the United States, narrowing their options.



Refiners in Asia and Europe are expected to seek more supplies from the Middle East and the United States to replace crude from Russia and Central Asia, the sources said, even as official selling prices for Saudi crude are set to hit record highs in April.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V501F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL4N2V33JK&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Freight rates for Middle East to Asia are higher too, so it depends which one is more painful,&#8221; a Singapore-based trader said.



&#8220;Freight everywhere is increasing, plus Brent-Dubai is so wide. To some extent arbitrage to Asia will be affected.&#8221;



<h3 class="wp-block-heading" id="h-read-more-oil-prices-surge-as-russia-ukraine-crisis-escalates">Read more: <a href="https://www.cnbcafrica.com/2022/oil-prices-surge-as-russia-ukraine-crisis-escalates/">Oil prices surge as Russia-Ukraine crisis escalates</a></h3>



Buyers of Russian oil faced difficulties in securing finance as major banks stopped issuing credit guarantees. Russian Urals crude oil&#8217;s discount to Brent&nbsp;BFO-URL-NWE&nbsp;is at its widest ever, while premiums for Russian ESPO and Sokol crudes exported to Asia have plunged.&nbsp;ESPO-DUB,&nbsp;SOK-DUB



Freight rates for oil tankers globally have also jumped, especially for those calling at ports in the Black Sea and Turkey, potentially disrupting exports of CPC Blend from Kazakhstan and Azeri Light from Azerbaijan.



Trading companies will probably have to use tankers that are put on long-term charter to ship these cargoes, a senior oil trader in Singapore said.



&#8220;Ship owners are having a ball,&#8221; he said.



Cut off from their usual supply sources, Asia and Europe are likely to step up imports from the Americas, traders and analysts said.



However, offers of U.S. Mars and West Texas Intermediate crude for May delivery have more than tripled to $14 and $16 a barrel above Dubai quotes respectively, traders said, sidelining Asian buyers.



&#8220;The recent geopolitically-driven outperformance of Brent relative to WTI means that the North American benchmark has catching up to do in order to shut the door on exports, given that U.S. balances are tight, particularly with Cushing approaching operational tank bottoms,&#8221; RBC Capital analyst Mike Tran said in a note.



Crude stocks at the Cushing, Oklahoma, storage hub have fallen to their lowest since September 2018.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2UR1ON&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Florence Tan and Gavin Maguire; Editing by Jan Harvey)

Oil markets hit multiple milestones after Russia sanctions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3BY5TSMDRRJHZHA5GW76W5PBRI-820x555.jpg" alt="" class="wp-image-415563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3BY5TSMDRRJHZHA5GW76W5PBRI-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3BY5TSMDRRJHZHA5GW76W5PBRI-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3BY5TSMDRRJHZHA5GW76W5PBRI-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3BY5TSMDRRJHZHA5GW76W5PBRI-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3BY5TSMDRRJHZHA5GW76W5PBRI.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>The International Criminal Court building is seen in The Hague, Netherlands, January 16, 2019. REUTERS/Piroschka van de Wouw/File Photo</figcaption></figure>



AMSTERDAM, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;The office of the prosecutor of the International Criminal Court on Monday said it will seek court approval to open an investigation into alleged war crimes in Ukraine.



The move comes just days after Russia&#8217;s invasion of its neighbour and prosecutor Karim Khan said on Friday he was following developments with concern.



Since Russia invaded Ukraine on Feb. 24, rights groups have alleged violations of international war crimes law, including the targeting of civilians, as well as indiscriminate attacks on schools and hospitals.



Ukraine and its allies on Monday called for a United Nations inquiry into possible war crimes committed by Russia during its military actions in Ukraine.



The United Nations Human Rights Council voted on Monday to accept Ukraine&#8217;s request to hold an urgent debate on Thursday on Russia&#8217;s invasion. A Ukrainian draft resolution will be considered at the urgent debate. <a href="https://www.reutersconnect.com/all?search=all%3AL1N2V30X7&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-russia-s-isolation-deepens-as-ukraine-resists-invasion">Read more: <a href="https://www.cnbcafrica.com/2022/russias-isolation-deepens-as-ukraine-resists-invasion/">Russia’s isolation deepens as Ukraine resists invasion</a></h3>



Prosecutor Khan said his office would seek support and funding from the ICC&#8217;s 123 member states for investigations. &#8220;The importance and urgency of our mission is too serious to be held hostage to lack of means&#8221;, he said.



Khan said the investigation will look into alleged violations dating back to 2014, when Ukraine recognised the court&#8217;s jurisdiction following Russia&#8217;s annexation of Crimea.



Although neither Russia nor Ukraine are members of the court in The Hague, Ukraine gave it authorisation over war crimes and crimes against humanity.



&#8220;There is a reasonable basis to proceed with opening an investigation,&#8221; the statement said. &#8220;In particular, I am satisfied that there is a reasonable basis to believe that both alleged war crimes and crimes against humanity have been committed in Ukraine.&#8221;



&#8220;Given the expansion of the conflict in recent days, it is my intention that this investigation will also encompass any new alleged crimes falling within the jurisdiction of my Office that are committed by any party to the conflict on any part of the territory of Ukraine,&#8221; it said.



The prosecutor will have to first obtain authorisation from a pre-trial chamber of the court.



(Reporting by Anthony Deutsch and Toby Sterling; Additional reporting by Stephanie Ulmer Nebehay in Geneva; editing by Jonathan Oatis)

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Reuters

Africa CDC has MOU with Pfizer for supplies of COVID-19 pill

Coal’s rally thumps oil and gas, brings pain to Asian buyers: Russell

Top Russian, Ukrainian diplomats meet for first time since invasion

‘Energy transition? Leave us out,’ says Nigeria oil minister

Ukraine and Russia: What you need to know right now

South Africa’s Nedbank expects to meet 2023 profit target ahead of schedule

Africa’s MTN resumes dividend after bumper annual profit

South Africa’s Eskom to deepen power cuts on breakdown woes

South Africa sees food inflation, opportunity from Russia-Ukraine war

Moderna plots vaccines against 15 pathogens with future pandemic potential

South Africa’s Mokoka breaks world record in first 50km race

Iron ore outlook is more bullish than lower China growth target suggests: Russell

FX markets in for bumpy ride over next three months

Ukraine and Russia: What you need to know right now

New Development Bank says it has put new transactions in Russia on hold

Oil markets hit multiple milestones after Russia sanctions

ICC prosecutor to proceed with investigation into alleged war crimes in Ukraine

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